Icelandic Group Agrees Sale of Seachill to Hilton Food Group

Icelandic Group is pleased to announce the sale for cash of its UK-based subsidiary Icelandic Group
UK (“Seachill”), to Hilton Food Group (“Hilton”), a leading specialist international meat packing
business for an Enterprise Value of GBP 84 million. The transaction is due to complete on or around
7 November 2017.

The Seachill sale process, announced by the Board of Icelandic Group in April 2017, received
significant interest from multiple parties on a global basis. Oghma Partners and Íslandsbanki acted as
joint financial advisors to Icelandic Group. LOGOS Legal Services acted as legal advisers to
Icelandic Group.

Seachill will become a standalone division of Hilton following completion, with the existing Seachill
management team remaining in place. Simon Smith, the current Seachill Chief Executive Officer,
will continue to lead the business as a divisional head of Hilton.
Seachill is a major supplier of chilled and frozen natural whitefish and salmon and added value
products within the coated and ready-to-eat fish sectors. Significant sector expertise in consumer
understanding, procurement and factory operations underpin the business and enable strong partner
relationships with strategic major retailers. Seachill is also the owner of The Saucy Fish Co. which
has gained recognition and success both domestically and internationally as a modern, consumerfocused
brand.

Hilton is a leading specialist international meat packing business, supplying major international
retailers from its state-of-the-art facilities. Hilton’s business was established in 1994 to set up and
operate a beef and lamb central meat packing facility in Huntingdon, UK. Hilton has grown rapidly
and now has six factories across Europe plus two joint ventures which allows the Group’s products to
be sold in supermarkets across 14 European countries. Hilton is a publicly traded company listed on
the Main Market of the London Stock Exchange.

Herdís Dröfn Fjeldsted, Chair of the Board of Icelandic Group and CEO of the Icelandic Enterprise
Investment Fund (“EIF”) said: “This agreement to sell the business comes after the completion of a
very successful re-organisation of our UK businesses under the current management team into a
single business known as Seachill, which has given a scale that has enabled the growth of stronger
and more successful strategic relationships with customers and suppliers. It is clear that Hilton is
very well positioned to deliver further success for the business.”

Simon Smith, CEO of Seachill said: “There is a very strong strategic fit between the businesses, and
I believe the transaction will be welcomed by all stakeholders. Under the ownership of Hilton we will
be able to invest further in our facilities and improve our organisational capability to serve our
customers better. This is great news for the ongoing success of the business.”

The Enterprise Investment Fund owns a 100% share in Icelandic Group. The EIF is an investment fund
in ownership of fifteen Icelandic pension funds, Landsbankinn and VÍS.

Icelandic Group is the owner of the “Icelandic” and “Icelandic Seafood” brands, managing all
marketing for the brands in addition to providing various services to license holders and other
producers in Iceland. The company´s primary partners are Solo Seafood and Highliner Foods, which
sell high quality seafood products under the “Icelandic Seafood” brand. All products sold are subject to
strict quality standards and quality control, resulting in a superior seafood brand.